SFS wants Cyprus SEC to review ban on Sharelink

SFS Group Public (SFS) announced that it has asked the Cyprus Securities and Exchange Commission (CySEC) to review its decision ordering the suspension of the operational license of Sharelink Securities & Financial Services Ltd.
In an official announcement, SFS says the CySEC decided to be very strict in a case where the Company itself reported to the Police and the CySEC from January 13, 2009 the alleged fraud committed by an employee in its wealth management division and having briefed the authorities on the course of the internal investigations.
“CySEC’s unexpected decision is regarded as completely arbitrary, lacking legality and reliability, while it is obvious that it is excessive. Also, we believe that it is against the interests of customers, staff and the company itself,” says SFS.
The company has alleged that its former employee Georgios Falekos, possibly forged documents, allegedly changing customer requests not to receive their statements of accounts directly and instead to the employee, who after altering the contents, gave them a totally different analysis.
The CySEC trading ban on Sharelink is valid until February 14, 2009.